President Bola Tinubu has signed an executive order to create a Virtual Asset Council, aiming to harmonize regulations for virtual assets like cryptocurrencies.The order seeks to prevent fraud, protect citizens, and ensure financial system integrity while promoting innovation.

Key agencies like the Central Bank of Nigeria (CBN), Nigeria Revenue Service (NRS), and Securities and Exchange Commission (SEC) will collaborate under the council.The framework avoids creating new regulators but coordinates existing ones to close regulatory gaps.A virtual asset sandbox will allow testing of blockchain solutions under supervision, while the NRS will release a tax policy for the sector.The move addresses risks like money laundering and fraud, ensuring virtual assets align with Nigeria's economic goals.